City Express Money Transfer’s operating revenue falls 32.1% in four years

Kathmandu, October 27, 2026 — City Express Money Transfer Pvt. Ltd. has recorded a 32.1 percent decline in operating revenue over four years, with its income falling from Rs 826 million in fiscal year 2021/22 to Rs 561 million in fiscal year 2025/26, according to Infomerics Credit Rating Nepal Limited.

The company’s operating revenue declined steadily during the period. It stood at Rs 768 million in fiscal year 2022/23, fell to Rs 664 million in 2023/24 and dropped further to Rs 567 million in 2024/25. The downward trend continued in the latest fiscal year.

According to the rating report, increasing competition in the remittance market, regulatory restrictions on domestic remittances and a growing preference for direct bank deposits over cash transactions have affected the company’s commission income. Transactions deposited directly into bank accounts generally generate lower commission income, putting pressure on overall revenue.

The composition of the company’s revenue has also shifted. In fiscal year 2025/26, commission income accounted for approximately 26 percent of total operating revenue, while foreign exchange income made up 74 percent. This indicates a greater dependence on foreign exchange transactions.

Despite declining revenue, the company’s operating profit margin improved. Its earnings before interest, taxes, depreciation and amortisation (EBITDA) margin rose from 23.79 percent in fiscal year 2024/25 to 27.65 percent in 2025/26. However, the margin remained below the 36.38 percent recorded in fiscal year 2022/23.